WESTMINSTER, MA / ACCESSWIRE / October 23, 2015 / TechPrecision Corporation, (OTCQB: TPCS) ("TechPrecision" or "the Company"), an industry leading global manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense, energy and precision industrial sectors, today announced the promotion of Thomas (Tom) Sammons to Chief Financial Officer of TechPrecision Corporation, effective immediately. Mr. Sammons replaces Richard Fitzgerald, who, as previously announced, has resigned to pursue other opportunities.
"Tom joined Ranor as VP of Finance in March 2015 and has been a key part of our consistent sharp focus on productivity initiatives, resource realignment and top line growth with key customers," stated Alexander Shen, TechPrecision's Chief Executive Officer. "With his industry relevance and hands-on approach, Tom has integrated well with the management team. We have also begun moving the headquarters of TechPrecision to Westminster, Mass., at Ranor, where both Tom and I are located. I look forward to working with Tom as Chief Financial Officer as we continue on our path to execute and maintain operational run rate improvements, improve gross margins and increase the amount of cash generated from operations."
Mr. Sammons has 19 years of financial leadership experience in metal fabrication and distribution, contract manufacturing, business processing, technology and procurement services. Previously, he was Financial Controller for Xchanging Services, Inc. Before Xchanging Services, he served for seven years as International Controller and Business Unit Controller for Ryerson, Inc. Prior to Ryerson, Inc., Mr. Sammons was Industry Finance Manager and International Controller for Pemstar, Inc. for five years. Previously, he served four years as CFO of Ryerson de Mexico, S.A. de C.V. Mr. Sammons began his early career with Inland Steel Company. His career includes multiple international management roles in Mexico, China, and India, and he is fluent in the Spanish language. Mr. Sammons graduated with a Master of Business Administration from Johnson Graduate School of Management, Cornell University, a Master of Business Administration, cum laude, from Katholieke Universiteit Leuven, Belgium, and a B.S. in Business Administration from Empire State College, State University of NY, New York. Mr. Sammons holds certifications as a CMA and CFA.
"Tom brings great financial, operational and leadership experience in growth, turnarounds, and M&A in the metal fabrication and contract manufacturing sectors, coupled with extensive global financial expertise," commented Leonard Anthony, Chairman of the Board of Directors. "Tom has the full endorsement and support of the Board of Directors, and we believe he is the right financial leader for TechPrecision going forward."
Mr. Sammons added, "I am very excited about the opportunity to continue working with Alex and the Ranor team on rebuilding and strengthening the company.It has been great to see the progress that has been made since Alex has taken over the leadership.I have a results driven, hands-on and detail oriented approach, with a strong drive to make Ranor and TechPrecision a company valued by its customers, employees and shareholders."
"I would also like to take this opportunity to express our thanks to Rich Fitzgerald for his years of service at TechPrecision, and for helping to on-board Tom Sammons since March 2015," added Mr. Shen. "We offer our congratulations and best wishes to Rich on his new position as he departs TechPrecision."
About TechPrecision Corporation
TechPrecision Corporation (OTCQB: TPCS) ("TechPrecision" or "the Company"), through its wholly owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components Co., Ltd., globally manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: alternative energy (Solar and Wind), medical, nuclear, defense, industrial, and aerospace. TechPrecision's goal is to be an end-to-end global service provider to its customers by furnishing customized and integrated "turn-key" solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including recurring operating losses and the availability of appropriate financing facilities impacting our ability to continue as a going concern, our ability to change the composition of our revenues and effectively reduce operating expenses, the Company's ability to generate business from long-term contracts rather than individual purchase orders, its dependence upon a limited number of customers, its ability to successfully bid on projects, and other risks discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Company Contact:
Mr. Thomas Sammons
Chief Financial Officer
TechPrecision Corporation
Tel: 1-484-693-1702
Email: sammonst@techprecision.com
Website: www.techprecision.com
Investor Relations Contact:
Hayden IR
Brett Maas
Phone: 1-646-536-7331
Email: brett@haydenir.com
Website: www.haydenir.com
SOURCE: TechPrecision Corporation
